President Nana Addo Dankwa Akufo-Addo has inaugurated a seven-member Presidential Fiscal Responsibility Advisory Council to monitor the performance of the government’s budgets to ensure that it complies with fiscal rules and targets.
The Council, chaired by economist and former Governor of the Bank of Ghana, Dr. Paul Acquah, includes Mr. Abdallah Ali-Nakyea, Prof. Eugena Amporful, Dr. Nii Noi Ashong, Prof Augustine Fosu, Dr. Robert Osei and Dr. Nii Kwaku Sowa.
At a short ceremony at the Jubilee House in Accra, President Akufo-Addo urged the eminent economists, who are to, among other things, assist and advise the President in formulating and implementing a national fiscal responsibility policy, to lend their expertise in the discharge of their duties and advise him appropriately.
“You are not meant to be a ‘busy body’ entity. Yours is to advice the President on what to do. The task ahead of you is a challenging one and it is my expectation and hope that you will be up to it.
“You have all been carefully chosen because of your expertise, knowledge and accomplishment. I wish you God’s guidance and the best of luck,” the President said.
The Council, per its terms of reference, would develop and recommend policies for the maintenance of prudent and sustainable levels of public debt, ensure that fiscal balance is maintained at a sustainable level to achieve efficiency, effectiveness and value for money in public expenses.
Dr. Acquah, expressed on behalf of the council, their appreciation to the President for the honour to serve the country, and said they would bring the best of their professional wisdom to bear on their work to justify the confidence reposed in them.
He described the establishment of the council as a historic landmark policy institution, saying “it is a declaration of a strategic shift of national commitment to the prudent management of public finances.”